Prepay your health insurance and save

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Richard Laycock
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But only 19% of Aussies plan to prepay premiums before 1 April 2018.

With less than a week until health insurance premiums will go up by an industry average 3.95%, a whopping 60% of Australians have made some attempt to save on the cost of health insurance, according to a survey conducted by finder.com.au. However, most Aussies are missing out on a huge savings opportunity.

According to the survey 81% of Australians don't plan on prepaying their premiums before the 1 April price hike. This means that 11 million Aussies are missing out on saving themselves a collective $1.5 billion on their private health insurance over the next year.

Not only are consumers missing out of the savings from prepaying their premiums to beat the price rise, they're also missing out on additional savings offered by some funds which reward their members for prepaying their premiums with annual payment discounts.

These savings aren't the only payment discounts available to Aussie consumers either. If you can't afford to prepay your full- or half-year premium in full, many funds offer discounts to members who choose to pay by direct debit.

FundDirect debit discountAnnual payment discount
n/a
  • Annual: 4%
  • Biannual: 2%
4%
n/a
n/a
  • Annual: 2.5%
2%
n/a
health.com.au
4%
n/a
  • Annual: 4%
  • Biannual: 2%
  • Annual: 4%
  • Biannual: 2%
2.5%
n/a
n/a
  • Annual: 4%
  • Biannual: 2%
4%
n/a
  • 2.5% (debit cards)
  • 1.5% (credit cards)
n/a

Whether you're taking out cover for the first time or looking to switch health funds, make sure you've compared your options to make sure you're getting the best value for money.

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